The Cabinet has signed off on a cut of 20c per litre on petrol and 15c on diesel from midnight amid skyrocketing fuel prices.
As reported in The Irish Times, there will be 2c off marked, or green, diesel - which is a form of diesel used by farmers.
The measure, introduced amid concerns about growing pressures on the cost of living, will last until August 31st.
Minister for Finance Paschal Donohoe, Minister for Public Expenditure and Reform Michael McGrath and Minister for the Environment Eamon Ryan made the announcement on Wednesday.
“We are in the early days of an event that at the very least is going to change Europe,” Mr Donohoe said.
“We are not in a position to insulate…our country entirely from the global pressures that are taking place at the moment,” he said.
“We can help with many of the consequences that our country will face as a result of this war of terror.”
Mr Donohoe stressed that Ireland cannot be totally insulated.
At the Cabinet meeting on Wednesday, Ministers were told that Ireland should expect threats across food supply, energy prices and to business.
Ministers were briefed about how the war could impact day-to-day life in Ireland. This included the threat to food prices and warnings over consumer prices with food processing dependent on gas supplies.
The Cabinet was told that if there are shortages or rationing of key materials, there would be “significant and immediate” implications for domestic food supply and farm incomes.
Ministers were also warned that economic growth could be disrupted due to higher prices and costs which will intern threaten jobs and the exchequer.
Unprecedented times
Speaking on to RTÉ earlier on Wednesday, Minister for Public Expenditure Michael McGrath said there was only so much the Government could do in relation to fuel prices.
“We are not the only player on this pitch,” Mr McGrath said.
“I believe we can make a contribution towards easing the burden. These are extraordinary times.
“As a Government we have a responsibility to protect society.”
Mr McGrath added that the issue could not be looked at solely through an economic prism.
“We are in unprecedented times.”
More to follow...
